by Kathy Crest:
Elizabeth Warren may have some explaining to do to American taxpayers. It seems that those who speak out the loudest against President Trump are those with the most to hide, and “Pocahontas” may be no exception to that rule.
Warren, the Democratic Senator from Massachusetts, was the “brainchild” behind the Consumer Financial Protection Bureau, an organization formed during the Obama administration after the collapse of the real estate and financial markets. The vague website of the CFPB claims that the organization helps consumers act against companies who operate illegally, and claims to “listen to consumers and make their voices heard”. According to Wikipedia, CFPB jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States.
The CFPB was established as an independent agency and was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act. Many Republicans fought the agency, claiming it was given too much power over the financial industry. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has been the CFPB’s most relentless critic. “The CFPB undoubtedly remains the single most powerful and least accountable federal agency in all of Washington.”
Senator Ted Cruz (R-Texas) even tried introducing a measure to abolish the CFPB outright. He called it “a runaway agency” that “does little to protect consumers.” Abolishing the CFPB, Cruz said, would give Congress “the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth.”
In 2016, a Washington D.C. circuit court judge agreed with Republicans’ concerns over the agency, ruling that it held too much power with very little oversight. The judge found the agency unconstitutional and ruled, “The Director enjoys significantly more unilateral power than any single member of any other independent agency. By “unilateral power,” we mean power that is not checked by the President or by other colleagues. Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power. The court went on to proclaim that the director of the CFPB is given more power and autonomy than the speaker of the house, senate majority leader, or even a Supreme Court justice.
The CFPB was created under the guise that it would reform the financial sector and protect the public from predatory and dangerous practices. But according to the New York Post, there were some “shady things” going on within the organization. In November of this year, the head of the CFPB, Richard Cordray, decided to step down from his position and tried to replace himself with another Democrat, instead of allowing President Trump to appoint his successor. The courts would decide that Trump was in the right, and he appointed Mick Mulvaney to head the bureau until a permanent head could be nominated. This move infuriated Elizabeth Warren, as she knew she would no longer have control over the agency, and her real intentions might be exposed.
According to the New York Post: CFPB is a Democrat shop with an anti-business agenda that goes well beyond protecting consumers and includes closing the “wealth gap” and administering “economic justice”. It hires almost exclusively Democrats and “rejects Republican job applicants,” according to former CFPB enforcement attorney Ronald Rubin. Federal election data show 100 percent of political donations made by CFPB employees during the 2016 election were given to Democratic candidates.
The Post also suggested: Bounced business owners and industry reps from secret meetings it’s held with Democrat operatives, radical civil-rights activists, trial lawyers and other “community advisers,” according to a report by the House Financial Services Committee.
Retained GMMB, the liberal advocacy group that created ads for the Obama and Hillary Clinton presidential campaigns, for more than $40 million, making the Democrat shop the sole recipient of CFPB’s advertising expenditure, Rubin says.
Met behind closed doors to craft financial regulatory policy with notorious bank shakedown groups who have taken hundreds of thousands of dollars in federal grant money to gin up housing and lending discrimination complaints, which in turn are fed back to CFPB, according to Investor’s Business Daily and Judicial Watch.
And it gets worse: The CFPB, according to the Post, funneled a large portion of the more than $5 billion in penalties collected from defendants to community organizers aligned with Democrats — “a slush fund by another name,” said a consultant who worked with CFPB on its Civil Penalty Fund and requested anonymity.
So if true, the CFPB was basically extorting money in the form of penalties from one group and sending the money to left wing groups, which is basically a slush fund according to a former CFPB employee and whistle blower. No wonder Elizabeth Warren has been so outspoken against President Trump. The Democrats never thought they would be faced with any accountability, because they never thought they would lose the election.